Suncrest Ridge Condominiums

OFFERING SUMMARY

Units:
61 units – (20) 2bd / 1ba (41) 1bd / 1ba
Building SF:
39,626 SF
Land SF:
157,153 SF

The Suncrest Ridge Bulk Condo offering includes 61 unit condo units in the city of Oceanside. The community was fully renovated inside and out in 2006 including new plumbing and electric. Community amenities include gated entry, pet areas, garages, car ports, pool area with fireplace and laundry facility. Interior amenities include vinyl plank flooring, in-unit wash/dryer and most units have front and rear patios, balconies or yards. The package comes with a $13.4M, 3.52% interest only loan maturing in October of 2028.

Contact Eric von Bluecher at 760-929-7846 or evb@lee-associates.com for more info. DRE 01926201.

AREA SUMMARY:

This asset of a property is located within a CTAC/HCD High Resource Area just off the 78 freeway with easy access to the I-5 and I-15 freeways, Camp Pendleton, and CSUSM. Investors have the ability to add value by consolidating the remaining 11 condo units (one unit is currently for sale), further renovations and improvements in order in increase rents to market, increasing garage income, implementing RUBS, adding solar, and/or if able to acquire 100% of the complex, refinance with traditional loan and/or sell off each individual unit.

INVESTMENT HIGHLIGHTS

Common Area Amenities

Laundry room
Pool area with bathrooms and fireplace
Multiple pet areas
Secured entry
Views of Buena Creek Ecological Reserve
Garages, car ports and surface area parking
available
Storage cabinets in garages and carports

In-unit Amenities

Vinyl plank flooring in living areas
Laminate kitchen and bath flooring
Dual paned windows
Front and rear patios/balconies/yards in most – In unit wash/dryer
All electric units
Top floors have partially vaulted ceilings in
living room

Condo Comps

2 Bedroom comps average: $523,066 – 1 Bedroom comps average: $424,625

Interest Only Loan

$13,400,000+/- Interest Only Financing – 3.52% rate
Non-recourse
Matures 10/2028
1% assumption fee

Value-Add

Approximately 15% upside rent potential – Implement RUBS
Install solar panels
Acquire the 11 remaining condo units (one unit currently on market)

Parking

42 garages, 29 carports, 43 surface parking
Most parking spaces are generating additional
income
Some garages have walk through doors to the
backyards of their respective units

Full Building Renovation 2006

Interiors with Vinyl plank flooring in living areas, in unit washer/dryer
Exterior upgrades including dual paned windows
Updated Plumbing and Electric
Updated walkways and Landscaping – Gated Condo Community